Imagine losing your engagement ring on vacation or discovering that the heirloom necklace you inherited from your mother was stolen from your home—only to find out your insurance doesn’t even fully cover the loss. You may know someone who this happened to. Do you know if your jewelry is properly insured? Sadly, for too many people, it isn’t.
A general liability insurance policy is a foundational type of business insurance that protects companies from financial losses due to claims of bodily injury, property damage, or personal and advertising injury caused by the business operations, products, or services. This is one type of business insurance your business definitely needs.
When choosing an insurance policy for many different types of insurance, you’ll need to decide whether to go with Actual Cash Value (ACV) or Replacement Cost Value (RCV) coverage for your property. These terms determine how much money you’ll receive when you file a claim for damaged, stolen, or lost items. While this decision is often discussed in the context of homeowner’s insurance, it applies to many other types of insurance as well. Let’s talk about why Replacement Cost Value (RCV) is typically better for customers across the board.
